OpenAI capacity deployment
Agreement signed in December 2025 to deploy Cerebras capacity for OpenAI; the initial tranche is 250 MW.
The numbers
What it is
Under a multi-year agreement signed in December 2025, Cerebras is building out high-speed AI compute capacity for OpenAI across several data centers. The filings describe a 750 MW total commitment, with an initial 250 MW tranche that must be delivered first. A $1.0 billion working capital loan tied to the agreement matures no later than December 31, 2032.
Why it matters to the stock. A large part of the $25.4 billion backlog is tied to this deal. Delivery timing and any slippage on the tranches will move the revenue forecast more than anything else in the company's plan.
News
Cerebras drops about 10% to post-IPO low on OpenAI, lock-up and sector worries
Cerebras shares fell about 10% on October 12, a post-IPO low well below the $185 IPO price, while the iShares Semiconductor ETF fell 2.5%.
Cerebras rebounds up to 9.5% after Altman calls it a close OpenAI partner
Shares rose as much as 9.5% on October 5 after OpenAI CEO Sam Altman wrote on X on October 2 that Cerebras is a close partner with deep engagement on speed.
Report says OpenAI moved Ultrafast workload to Nvidia; Cerebras down about 19.5% that week
A report attributed to CNBC said Cerebras lost a key OpenAI workload to Nvidia, tied to the Ultrafast mode of one OpenAI model.
Cerebras powers OpenAI Ultrafast mode for GPT-5.6 Sol
Cerebras said it powers an Ultrafast service tier for OpenAI's GPT-5.6 Sol model, which is in limited preview for OpenAI customers.
Cerebras Q2 2026 revenue $180.1 million, net loss $2.98 per share; core guidance raised
Cerebras reported second-quarter 2026 GAAP revenue of $180.1 million, up 74% from a year earlier, and a net loss of $2.98 per share.
Cerebras plans 200 MW of European AI compute by end of 2027
At the RAISE Summit in Paris, Cerebras said its first European data-center capacity will come online by the end of 2026, with build-out in France and the Nordic countries.
OpenAI signs multi-year deal for up to 750 MW of Cerebras compute
OpenAI and Cerebras announced a multi-year agreement under which OpenAI will buy up to 750 megawatts of Cerebras high-speed inference compute, delivered in tranches through 2028.